World News
Israel's ZIM Sees No Red Sea Sailings in 2025 Amid Security Risks
Israeli carrier ZIM Integrated Shipping Services has confirmed it does not expect shipping to resume in the Red Sea during 2025, with diversions set to continue absorbing its excess capacity.
While Houthi attacks on ships transiting the Red Sea have eased, Yemen's Houthi movement has signalled it will target Israeli ships and recently declared a maritime blockade on the Israeli port of Haifa.
The announcement came as the company reported a sharp improvement in first-quarter financial results, sector specialists Alphaliner reported.
Revenues rose 28% year-on-year to $2 billion, while net income surged 222% to $296 million, driven by higher freight rates and volumes.
ZIM transported 944,000 TEU in the quarter, up 12% from the same period last year. Average freight rates rose 22% to $1,776 per TEU.
Despite the strong performance, the carrier said it expects freight rates to be significantly lower in 2025 than in 2024, with the Q1-Q3 average projected to fall below the Q1 level.
ZIM maintained its full-year EBIT forecast of between $350 million and $950 million, though it expects results to soften later in the year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 521.50 | 1.50 | 619.00 | 7.50 |
| Rotterdam | 476.50 | 2.50 | 626.00 | 0.00 |
| Houston | 471.00 | 2.00 | 625.50 | 2.00 |
| Fujairah | 513.50 | 1.50 | 715.50 | 1.00 |
| Global 20 Ports Average | 538.50 | 1.50 | 708.50 | 3.50 |
| Global 4 Ports Average | 495.50 | 0.50 | 646.50 | 2.00 |
| Global Average Bunker Price | 571.50 | 0.00 | 757.50 | 2.00 |
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